Follow the Duke of Westminster

From businessweek “Grosvenor Group Ltd., one of the biggest central London property owners, reduced investment in luxury-housing development by 240 million pounds last year on concern that values are too high.

“We have been concerned about the level of property values in some markets, particularly in prime central London,” Chief Executive Officer Mark Preston. The company, owned by Duke of Westminster Gerald Grosvenor’s family trusts, is instead “exploring the mid-market, where there is unsatisfied demand for good-quality rental housing.”